Purchasing a Home

[David88vert]

Thanks guys,

I use (zillow.com) in my search, the preliminary search. At the rate I'm saving I should be in the 10k mark by early next year. I have quite a bit of room to save more, but just keeping it within reason. I have my own home inspector (my friends father) who has been inspecting for 19+ yrs. There are just some unknowns since I've never done this before. I'm in no rush to buy just like I was in no rush to finally buy a newer car.

Does the idea of a "Starter Home" ring with you all? Some I know seem to disagree and just go all in, but in my eyes, I dont want to be "working to pay for the home" just like working to pay for the car. I'd like to get my feet wet in a starter home, not a condo. 1000 or 1150 sq ft, 2 level (full basement), in a mainly refreshed condition. I do not need a new home, but I'm a bit scared of an older home. As in this part of the country, we have lots of older homes that exist. To give u a contrast, I currently rent a 1bdrm, 509sq ft apt for $404 a month.

I find that Trulia tends to give a more accurate estimation than Zillow. Check both though. Ultimately, the appraisal value is what is important though.

You really need more than $10K. The bank is going to want to see that you have some cash in the bank (usually more than $10K), plus the amount of your downpayment. You will need at least $3500 to place down on a $100K home, if you go for a FHA loan.

I think that you should try to get a starter home. Right now, there are some really good deals out there on old homes - depending on where you want to buy. The big question is - do you have kids? If so, then school zone is important, and the better school zones keep their values better, and will cost you more.

If you don't have kids, you can find $60K homes around the perimeter in DeKalb. If you have $10K in the bank, you can probably swing one of these with ease, and work on paying it off. The advantage is that it can turn into a fine rental later.

26 is not too early to be buying a house. Ideally, you want to live in it for 2-5 years, and then sell it. If you do that, you can avoid capital gains taxes.

[blaknoize]

26 is not too early to be buying a house. Ideally, you want to live in it for 2-5 years, and then sell it. If you do that, you can avoid capital gains taxes.

Oh, capital gains tax applies in housing? I see I need to research a bit more. And i have no children.

http://www.zillow.com/homedetails/13...34004564_zpid/

This is one of the homes I've been eyeing for months, it's 6mins from work (I can ride a bike) and when I do get around to making children, it's in the Westerville school district. From all I know, that's a good district.